What specifically are you after in real time that can't wait a day to analyse the whole tracking log?
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Ben PilbrowAug 26 '10 at 21:11

It's about troubleshooting mail delivery problems with a host without me constantly having to hit 'go back' in the Message Tracking Wizard, followed by scrolling down and then clicking 'next' and waiting 10 seconds for Exchange to re-search through it's database.
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Aaron C. de BruynAug 26 '10 at 21:41

Not that I think it will be much quicker, but have you tried with the Exchange Management Shell? Something like Get-MessageTrackingLog -Eventid FAIL or Get-MessageTrackingLog -Recipients "recipient1","recipient2","etc" might to do the trick. (Warning: that was off the top of my head, so might fail on syntax)
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Ben PilbrowAug 26 '10 at 21:52